News stories from Tuesday May 26, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The situations in Indochina and the Mideast are hurting the stock market; investors and brokerage houses have suffered financial losses. Chase Manhattan bank president David Rockefeller concurs that the stock market slump is due to non-economic problems. Market officials are confident of an eventual recovery, but the market will be less speculative in the future. [CBS]
- The Labor Department reported a 0.2% rise in wholesale prices. [CBS]
- National leaders honored retiring House Speaker John McCormack, with President Nixon and former President Lyndon Johnson leading the praise. [CBS]
- The Senate Post Office and Civil Service Committee approved a post office reform bill reorganizing the department. The bill excludes the eight-cent first class postage rate but includes an 8% pay raise. [CBS]
- American forces met heavy resistance in Cambodia. South Vietnam has withdrawn 16,000 troops temporarily. Diplomatic relations between Phnom Penh and Saigon have hit a snag; talks end tomorrow. [CBS]
- President Nixon met with President Suharto of Indonesia in Washington, and also met with construction union leaders. Suharto is shifting his country from pro-Communist chaos to pro-West neutrality; the two leaders discussed Cambodia. Construction leaders vowed to continue their support rallies for the President. Labor leaders gave Nixon a hard hat. [CBS]
- Housing and Urban Development secretary George Romney explained America's Indochina policy to the United Presbyterian Church's General Assembly in Chicago. Clergymen asked for the President's spokesman's views before voting on an antiwar statement. Romney defended the Cambodia invasion and called the Vietnam war a "tragic mistake." The clergymen modifed their resolution but still want the war ended by mid-1971. [CBS]
- The Senate voted on changes to the Cooper-Church amendment; the wording has been made softer. The White House is stalling a vote on the bill until American troops have been withdrawn. [CBS]
- The State Department told the Senate Foreign Relations Committee that the U.S. is sending $8 million in weapons to Cambodia. [CBS]
- Administration officials differ on the Cambodian withdrawal schedule. Lower officers imply an early withdrawal and continued air and logistical support to the South Vietnamese in Cambodia. A top-level spokesman reported that Americans will remain until June 30, though active combat will be slowed by June 15. South Vietnam will remain in the country without American aid but strategic U.S. bombing will continue. [CBS]
- The Pentagon reported that the MIRV Minuteman III's will be operational next month. [CBS]
- Israel is patrolling Lebanon in search of guerrillas. The U.S. is considering Israel's request for jets. [CBS]
- The federal government is intervening in a Mexican-American civil rights case in Texas. A court ruled in favor of the Chicanos and found that school districts are discriminatory. [CBS]
- General Motors is collecting double dues from UAW members by union request in order to bolster the strike defense fund in case contract negotiations bog down. The UAW has asked Ford and Chrysler to do the same. [CBS]
- Maryland Governor Marvin Mandel vetoed a liberal abortion bill due to a legal question about the wording. [CBS]
- If elected, the British Conservative party pledged to enact a law making demonstrators liable for damages. [CBS]
- A rock brought back by Apollo 12 is thought to be the oldest rock ever seen, possibly as old as the moon. [CBS]
- Mrs. Aristotle Onassis denied reports of marital trouble. [CBS]
- David Eisenhower is working for the Washington Senators baseball team. Eisenhower says that he enjoys his summer job, and he will help Republicans in election campaigns in the fall. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 631.16 (-10.20, -1.59%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| May 25, 1970 | 641.36 | 70.25 | 12.66 |
| May 22, 1970 | 662.17 | 72.25 | 12.17 |
| May 21, 1970 | 665.25 | 72.16 | 16.71 |
| May 20, 1970 | 676.55 | 73.52 | 13.02 |
| May 19, 1970 | 691.40 | 75.46 | 9.48 |
| May 18, 1970 | 702.81 | 76.96 | 8.28 |
| May 15, 1970 | 702.22 | 76.90 | 14.57 |
| May 14, 1970 | 684.79 | 75.44 | 13.92 |
| May 13, 1970 | 693.84 | 76.53 | 10.72 |
| May 12, 1970 | 704.59 | 77.85 | 10.85 |